Secretary of State Brad Raffensperger announced on Friday that Georgia is part of a task force with state securities regulators and the SEC in a $106 million settlement with Vanguard Marketing Corporation and The Vanguard Group.

This settlement is due to Vanguard failing to supervise registered persons and not disclosing potential tax consequences to investors after changing investment minimums for certain retirement funds.

The investigation lasted three years, revealing that in 2020, Vanguard reduced investment minimums for its retirement funds, leading many investors to redeem shares and incur significant capital gains taxes without proper warning from Vanguard.

If you have questions or concerns about your investments or financial professional, please contact the Secretary of State’s Securities Division at 470-312-2640 or email registrations@sos. ga.gov.